Backing Mechanism
USDh is fully backed by BTC and issued natively on Runes and Stacks.
Attestations
Hermetica publishes monthly custodian attestations that detail the protocol's assets and liabilities:
Assets
Custodians
The BTC assets backing the protocol are securely held in institutional-grade custodians. All assets used to margin trades are stored in the off-exchange settlement solutions of Copper (Clearloop) and Ceffu (MirrorX) .
The custodians deposit addresses show the protocol inflows from minting transactions:
Ceffu 1: 141Pg9KB1fLgqY3vTABhrKoKyQDD7jjj9a
Ceffu 2: 16GCfT1bnJR6yZy5uZiBKDAc4HMyF2e9dS
Liabilities
Runes
The Runes protocol requires the entire token supply to be defined in the initial etching transaction. Both USDh and sUSDh have a total supply of 1 quadrillion tokens, stored in the protocol's reserve. Tokens enter circulation through minting and staking.
The circulating supply is verifiable on-chain by subtracting the tokens held in the reserve and protocol wallets from the total supply:
Circulating supply = 1 quadrillion - reserve wallet - protocol wallets
Stacks
USDh token contract: SPN5AKG35QZSK2M8GAMR4AFX45659RJHDW353HSG.usdh-token-v1
The circulating supply is verifiable on-chain by calling the get-total-supply method in the USDh token contract.
On the block explorer the get-total-supply function can be called under the Available functions tab to independently verify USDh's circulating supply on Stacks.
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